About IQ Option
IQ Option is an established trading platform, working with stocks, indices and cryptocurrencies. The company was founded in 2013, and went worldwide within a short period of time. At the time of writing, IQ Option has more than 600 employees, and over 300M traders from 187 countries use the company’s platform.
Goal
IQ Option spends a fair amount of money on AdWords campaigns, driving customers to certain landing pages. According to the preliminary analysis results, some campaigns bring more assisted conversions than direct ones, which are normally first and last interaction. This means that display ad impressions usually happen at the start or in the middle of the conversion path.
To understand what users do after ad clicks, IQ Option’s marketing specialists decided to analyze the types of AdWords campaigns and every single campaign, in more detail. This was necessary to find out about the percentage of users that register at once when coming to the landing page, and the percentage of users that register during the following website visits. To get this information, it is important to consider the factors given below:
- Contribution of ad campaigns to the user journey along the registration funnel.
- Landing page of a session.
- AdWords campaign type.
Having analyzed the whole conversion path, IQ Option will be able to evaluate ad performance, reallocate marketing budget and change company’s marketing strategy if necessary.
Challenge
While working with the reports on assisted conversions in Google Analytics, IQ Option’s team faced the following limits:
- You can’t check how many conversion paths with a certain number of steps there were, in a single report.
- You can’t specify the contribution of a channel at a certain step. This means you can’t understand how often a channel drives a user to this particular step.
- You can’t see how often a campaign, a landing page and a campaign type can be found at the beginning, in the middle or at the end of the conversion path.
- You can only set up 90 days as maximum for the conversion window while IQ Option’s potential customers may need more time to register.
- You can’t identify the type of AdWords campaigns.
Solution
To compare the efficiency of ad channels across campaigns, campaign types and landing pages, OWOX BI analysts recommended the IQ Option team to combine and analyze data in Google BigQuery. This cloud data warehouse allows you to build custom reports of any complexity.
The analysts used Google Data Studio to visualyze the reports. The Data Studio built-in connectors engage you to easily get access to data from any of the Google services, including Analytics, BigQuery and AdWords. Moreover, Data Studio allows you to build handy and clear dashboards that can be used by multiple employees of the company.
Now let’s take a closer look at each step taken by the IQ Option team.
Step 1. Combine data in Google BigQuery.
IQ Option tracks user actions via Google Analytics 360. The company sends the data about user behavior and registrations to Google BigQuery with the help of the standard export.
Here’s the data flow chart:
Step 2. Process the obtained data.
Using SQL queries, OWOX BI analysts calculated the additional parameters for each session:
- The position of a session in the conversion path, count forward.
- The position of a session in the conversion path, count backward.
- The total number of sessions in the conversion path that a session happened in.
The OWOX BI team also offered IQ Option to segment the registrations by the number of sessions before them: 1, 2, 3, 4, 5, 6, 7, 8, 9 и 10+. The conversion paths that consist of more than 5 sessions are processed this way: the first two and the last two sessions are given particular credit, because users get to know the website and decide to register during these very sessions. The ones that are in the middle of a conversion path contribute much less to the user journey along the funnel, that’s why these sessions are combined into a single value «middle» and are analyzed together.
Step 3. Build reports.
To let the IQ Option marketing specialists regularly work with the obtained data, the OWOX BI team created a dashboard in Google Data Studio. WIth the help of this report, IQ Option can quickly find and analyze the necessary data, using filters on date and parameters. For example, you can choose only the conversion paths with a certain number of steps, and track which campaigns drove users to the first or the last funnel steps. The dashboard also engages IQ Option to choose a definite step, for instance, the last one, and see which campaigns drive users to it, as well as how it depends on the conversion path length.
The obtained dashboard consists of 4 parts.
1. Chart below demonstrates how many conversion paths consisted of a certain number of sessions before registration.
The chart above shows that most registrations happen at the first website visit (1,2M of conversion paths that consisted of 1 session only). However, there are some users that come back to the website before they register. For example, there were 17,917 conversion paths that consisted of 7 steps. IQ Option has to follow up the users from such conversion paths to bring them back to the website.
2. Column diagram that shows how sessions are distributed among landing pages and steps of the conversion path.
The diagram shows how many sessions happened on a certain landing page, as well as the ordinal number of the session in the conversion path to registration.
The screenshot above displays a conversion path of 5 sessions, where 1 is the first user session, and 5 is the last one in which a user registered. You can see that this page is mostly visited before registration. This means that a campaign leading to the page is good for persuading potential customers.
3. Diagram that displays the distribution of AdWords campaigns among the steps of the conversion path.
This diagram shows how many sessions happened thanks to a certain ad campaign type, as well as what the ordinal number of the campaign type is in the conversion path.
In the chart above you can see only the campaigns of Google Display Network, grouped with the help of filtering. As you can see, these very campaigns drive users not only to registration but also to the other steps in the conversion path.
4. Table demonstrating the number of sessions for each landing page.
The following table shows how many sessions started at a certain landing page, and how many times such sessions were first, second, last but ones and last ones before registration.
You can see from the chart above that the page /land/crypto/en/ participates in conversion paths more often than others. Moreover, in most cases users register during the session that started at the /land/crypto/en/ page. In case IQ Option needs users to register at once, it is better to lead them exactly to this landing page, as it drives more direct conversions than assisted ones.
The OWOX BI analysts also added two filters to the dashboard in order to see how conversion paths look depending on the device type and the user country.
Results
Having collected and processed the data in Google BigQuery, IQ Option’s marketing specialists obtained a convenient tool to evaluate ad channels across landing pages and AdWords campaign types. The tool provides answers to the following questions:
- Which channels, campaigns, campaign types and landing pages drive users to direct conversions, and which ones lead to assisted conversions?
- How many times do users visit the website before registration, as well as what campaigns and campaign types drive users to different funnel steps?
- How does the length of the conversion path depend on the device type?
The IQ Option team is now testing the obtained dashboard, and we’re hoping that they’ll share the test results very soon. For now, you can ask your questions in the comment section, and we’ll gladly answer them ;)
And if you need our help, feel free to hit the button below.
